Evonik Industries to Launch IPO Before the Summer Break

2:38 AM MDT | May 25, 2012 | Natasha Alperowicz

Evonik Industries said today that its owners as well as the executive and supervisory boards have decided to launch an initial public offering (IPO) plan for Evonik with the first trading day expected "before the summer break." RAG Foundation (Essen, Germany) is the majority owner of Evonik with a 74.99% stake while CVC Capital Partners has 25.01%. The IPO is expected to raise €3.5 billion-€5 billion ($4.4 billion-$6.3 billion), making it one of the largest German listings this summer, reports say. The shares will be listed on the...